Volume : I, Issue : VII, April - 2012

Financial Inclusion – Role Of Banking Industry

Dr. K. Marutha Muthu, Ms. T. A. Tamilselvi

Abstract :

In most developing countries, the vast majority of the population particularly low–income group people have very little access to financial services, both formal and semi–formal. As a consequence, many of them have to necessarily depend either on their own or high cost informal sector sources of finance such as moneylenders. The term financial inclusion needs to be understood in a oader perspective to mean the provision of the full range of affordable financial services, viz access to payments and remittance facilities, savings, loans, financial advisory services and insurance services by the formal services system to those who tend to be excluded from these services. Financial inclusion, the remedy for financial exclusion, is a process of facilitating and ensuring formal and affordable oad range formalized financial services/ products is easily accessible with hassle –free and at affordable costs to all sectors /segments of the vast unreached population where needed, including the vulnerable such as weaker sections and low–income groups, un–banked in far–off remotest villages, either as individuals or as groups. The financial products for the vulnerable clients may have the following categories like– – Deposits products – Credit products – Micro–insurance products (life and non–life)

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Article: Download PDF   DOI : 10.36106/ijar  

Cite This Article:

Dr. K. Marutha Muthu, Ms.T. A.Tamilselvi Financial Inclusion - Role Of Banking Industry Indian Journal of Applied Research, Vol.I, Issue.VII April 2012

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